French financial group Fimalac has agreed to provide new financing facilities for Rallye, the holding company behind supermarket retailer Casino which has been under pressure to cut its debts.
Rallye said on Monday that Fimalac had undertaken to provide a financing facility with a maturity of 4 years - with a one-year extension subject to Fimalac's agreement - either to a subsidiary of Rallye unit Euris until 31 December 2020, or to Rallye at the latest on 5 January 2021, in order to allow the repayment of all certain derivatives transactions.
The maximum amount of this facility is €215 million ($238.4 million). Casino and Rallye head Jean-Charles Naouri will also look to give Fimalac a boardroom seat at Casino.
